Newsletter on the public service pensions remedy — May 2023
Published 23 May 2023
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1. Draft regulations
Tax regulations in relation to the public service pensions remedy took effect from 6 April 2023. Draft regulations making further tax changes to the tax framework as a result of the public service pensions remedy have now been published for technical consultation. This further draft of tax regulations provides pension scheme administrators with details of the additional tax changes they will need to consider as a result of the remedy. It also provides pension scheme members with details of approaches to any annual allowance, lifetime allowance or unauthorised payments tax charges they may have during the tax years from 2019 to 2020 to 2022 to 2023.
The consultation closes on 19 June 2023. Responses can be sent to policypensions@hmrc.gov.uk.
We are planning to hold a number of round tables, as part of the technical consultation. This will provide an opportunity to raise any technical points on the draft regulations. If you would like to be involved in these round tables, send an email to policypensions@hmrc.gov.uk with ‘Public service pensions remedy tax regulations round tables’ as the subject line.
Accompanying guidance will be published shortly.
2. HMRC processes
We are currently developing the processes that will be needed to support the public service pensions remedy. As part of this work, we will be providing a single point of contact for each public service organisation, with the aim being to work together on how the processes will impact you and the day to day running of remedy.
Email us at publicservicepensionsremedy@hmrc.gov.uk with details of a named contact within your organisation that we can use to set up some initial meetings.
3. GOV.UK guidance
We are currently drafting public service pensions remedy guidance for pension schemes, which will be published in Autumn 2023. In advance of this, we would like to test some of the guidance with users to make sure we are covering what is needed. If you would like to be part of testing this guidance, email publicservicepensionsremedy@hmrc.gov.uk and put ‘Guidance testing’ in the subject line.